Departments of Business in Franchising

Part of the Video Series How to Franchise Your Business

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Find out the different components of business needed in order to franchise and how to prepare them in this free video clip on small business systems.

Contact: www.timricke.com

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Departments of Business in Franchising
I am Tim Ricke from TimRicke.com on behalf of expertvillage.com. Today we're going to talk about how to franchise your business. First thing we'll discuss is the types of businesses. All of these components will be needed in order for you to get to the point of franchising. First of all we'll look at service businesses. In a service business you'll have half the business will be payroll, the rest your other expenses, and hopefully you end up with a profit. Second, will be product. Dealing with product you're going to have outside sources of supply and you're going to need to know the cost of those things and have a steady systemized way of receiving those supplies so you can fulfill your customers’ requirements as well as your franchisees. And last of all is a combination of the two so that you will have your employees payroll and your product costs and you to have to look at all those expenses so that you know what is your profit and you have to be able to tell the franchisee exactly what they can expect on margins and things of this area.

About the Expert

Expert: Timothy Ricke is a past "Entrepreneur of the Year." He began his first business with $13.68. He developed into a franchise that sold for $500,000. He is a business coach, writer, and vocalist. Read More